From Microstation VBA Wiki
An ellipse element is needed to draw a circle, which is just a special case of an ellipse. The function takes the center point as well as the radius along the X- and Y-axes and allows you to rotate it using a rotation matrix.
Dim ptA as Point3d Dim oMatrix As Matrix3d Dim oCircle As EllipseElement
Set oCircle = CreateEllipseElement2(Nothing, ptB, 2 * pica, 2 * pica, Matrix3dIdentity) ActiveModelReference.AddElement oCircle